NHPC (NHPC) Q3 25/26 earnings summary

Executive summary

• Power generation rose 15% year-over-year to 25,849 million units for the nine months ended December 2025, driven by new capacity additions and improved water availability.

• Achieved significant capacity expansion with commissioning of Subansiri Lower (2x250 MW), Parbati-II (800 MW), and Karnisar Solar (300 MW) projects in FY25-26.

• Operating 8,833 MW (8,271 MW hydro, 562 MW renewables) across 31 power stations, with 9,204 MW under construction.

• Revenue for the nine months increased 10% year-over-year to INR 8,800 crore, while PAT grew 7% to INR 2,306 crore.

• Interim dividend of 14% and final dividend of 5.1% declared.

Financial highlights

• Revenue from operations for nine months FY26: INR 8,800 crore (up 10% YoY); Q3 FY26: INR 2,221 crore (down 3% YoY due to one-off items in prior year).

• PAT for nine months FY26: INR 2,306 crore (up 7% YoY); consolidated PAT for 9M FY26: ₹2,671.04 crore, up 7.18%.

• EBITDA for 9M FY26 was ₹4,810 crore; EBITDA margin at 50%.

• Net worth as of 31.12.2025 stood at ₹41,465 crore; long-term debt at ₹42,395 crore.

• CapEx for nine months FY26: INR 8,844 crore (up from INR 7,405 crore YoY).

Outlook and guidance

• FY26 CapEx guidance: INR 13,300 crore; FY27: INR 15,000 crore; subsequent years: INR 12,000–13,000 crore annually.

• Capacity addition by March 2026 expected at 2,100 MW; FY27 hydro addition: 2,744 MW; solar under construction: 1,190 MW to be added by FY27.

• Progressive capacity addition planned with major hydro and solar projects scheduled for commissioning through FY30-31.

• Pumped storage projects of 2,000 MW+ expected to start construction in 2026.